BC Study: Most Won’t Be Ready To Retire Until 70
BOSTON (CBS) – Retirement may take longer than you might think.
WBZ NewsRadio 1030′s Mark Katic reports
A new study from Boston College’s Center for Retirement Research found fewer than half of American workers will have enough money to retire at age 65.
However, the report claims more than 85-percent would be financially ready to retire at age 70.
There’s also this positive note from researchers:
“While this finding suggests that today’s workers will need to work longer than their parents, they are also healthier and better educated, generally have less physically demanding jobs, and can expect to live longer.”
The study, which was sponsored by Prudential, looked at the effect of 401k plans and pensions, as well as home values, which have all lost ground in the economic downturn.